July 26, 2016 — As the amount of cash in the average wallet continues to dwindle, Millennials lead the charge into the world of mobile banking and wireless money management. This generation is hungry for, and easily adapts to, new technologies that streamline life.
Tech such as mobile wallets, online banking and easy wireless money transfer take the guesswork out of managing finances. Gone are the days in which we wonder about bank account balances, argue about who owes whom lunch or fumble with those bills stuffed into our wallets. Millennials want to be aware of and in control of our lives; mobile finance gives us that control.
According to a Bank of America survey, 75 percent of Millennials use mobile banking. This demonstrates a demand for instant mobile applications that put our financial power in the palm of our hands. In fact, we’re the generation most likely to adopt mobile wallets and other technologies that will turn our beloved smartphones into bank tellers, debit and credit cards, and money transfer sites.
The rise of Venmo, the PayPal-powered mobile payment service that allows money transfers between individuals, is just one example of streamlining. Owe your roommate rent? Venmo it. Bought your friends drinks? They can send their half of the tab right to you. Millennials don’t want to be bothered with exchanging cash when there is a wireless solution available.
So, as technologies like Apple Pay become more widely accepted, Millennials will lead the charge away from physical finances and toward wireless wallets. We Millennials will try anything that puts more control in our hands while consolidating multiple purposes into one device.